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Montecito Bank & Trust Reports Increased Profitability in 2012

Janet Garufis, president and chief executive officer of Montecito Bank & Trust, announced the bank’s 2012 performance highlighting continued profitability growth for the year ending 2012.

Net profit increased 6.32 percent to $13.1 million compared with $12.4 million in 2011. The bank grew assets from $1.02 billion to $1.06 billion year over year. Total deposits grew to $921.6 million from $876.4 million, a reflection of the growing number of new customer relationships welcomed to the bank.

Total gross loans were relatively flat, growing from $520.5 million to $524.1 million. Total risk-based capital of 14.11 percent at year end was well above the 10 percent regulatory minimum required to be considered well-capitalized.

“The bank’s continued prudent management and strong balance sheet positions Montecito Bank & Trust to retain and grow its leadership position within the communities we serve,” Garufis said. “Montecito Bank & Trust is now the oldest locally owned community bank in Santa Barbara. Our strong capital base and liquidity allows Montecito Bank & Trust to meet the financing needs of local businesses and investors with loans for expansion, capital improvement, and the purchase or refinance of real estate.”

Continuing the bank’s commitment to giving back to the communities it serves, Garufis also noted that “we celebrated our 10th annual Community Dividends® event, contributing $1 million to 180 nonprofits throughout Santa Barbara and Ventura counties. The event was created for the sole purpose of ‘investing in the community,’ and as Mr. Towbes frequently notes in his annual remarks, ‘the hope of encouraging others to follow suit.’

“Over the last 10 years, we have invested more than $10 million in our nonprofit community partners,” Garufis continued. “Community Dividends® combined with our Anniversary GrantsSM program and a multitude of sponsorships for local nonprofit events are some of the ways Montecito Bank & Trust works to make our communities better places to live and work. Accepting local deposits, funding loans to local businesses and reinvesting in the community is the value of community banking.” 

Montecito Bank & Trust, an S Corporation, is a locally owned community bank founded in 1975, with branch offices located in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura and Westlake Village. The bank offers a variety of competitive deposit and lending solutions for businesses and consumers, including business loans and lines of credit; commercial real estate finance; SBA loans; consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management. Its Wealth Management Division, with locations in Montecito, Solvang and Ventura, provides full investment management as well as trust services for all branch office markets.

— Carolyn Tulloh is the director of marketing for Montecito Bank & Trust.

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